Trump's Tweet on Deal With Saudi King Makes Oil Prices Plummet

Trump: US will 'absolutely' sanction European companies that do business with Iran | TheHill

Trump: US will 'absolutely' sanction European companies that do business with Iran | TheHill

"We want to defeat America's efforts...to stop Iran's oil exports", said First Vice President Eshagh Jahangiri in a televised statement.

The U.S. wants to cut Iran's oil export, but everyone, with even a limited knowledge of worldwide affairs, knows that such thing is impossible, the official added.

The United States exited from the nuclear deal between Iran and world powers in May and said it would reimpose economic sanctions on the Islamic republic and its business partners by 4 November. The country exports more than 2 million barrels of oil.

The US "down to zero" plan rests heavily on banning India and China from buying from the Iranians, and while Indian companies have suggested they will dial it back, China remains in the nuclear deal and nearly certainly won't give in to US demands.

"In this battle", he said, "any country that tries to take Iran's place on the oil market will be guilty of treason against Iran. and surely one day it will pay the price of this treason".

Delegations from State and Treasury departments have already visited 13 countries to co-ordinate the return of sanctions, and more than 50 global firms have announced their intent to leave the Iranian sector since May, Mr Hook said.

Oil prices fell early on Monday, following comments from the White House that the leader of Saudi Arabia promised President Donald Trump that he can raise oil production if needed.

For now, "simple reality dictates that U.S. secondary sanctions will have a strong impact", Mr Singh said, because "the choice between the USA and Iranian markets is an easy one for most businesses".

There were also three days of demonstrations last week in Tehran, with groups confronting police outside parliament and rallies temporarily shutting down the city's Grand Bazaar, according to the AP.

"We have been clear with countries and companies around the world that we are bringing severe economic pressure on Iran until the regime changes its destabilizing policies", he added.

Iran had been pushing hard for oil producers to hold output steady as US sanctions are expected to hit its exports.

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference", Trump said in a tweet on Saturday. On Monday, Hook expressed confidence that the US sanctions policy would not prompt mass shortages, but analysts have expressed doubt that Saudi Arabia can increase production by as much as Trump described.

"We are not looking to grant licences or waivers in the Iranian market ... but we are prepared to work with countries who are reducing imports", he said. Speaking at an event organized by the Mojahedin-e Khalq, or MEK, Giuliani, who is Trump's personal lawyer in the Russian Federation investigation, called for ramping up the pressure on the regime.

The State Department has insisted on multiple occasions that Giuliani does not speak on behalf of the administration on foreign policy issues.

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